CBUS to control a quarter-block, following expected deal

People & Companies / Latest News

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The expected purchase of a Melbourne development site worth more than a $1 billion, will see developer CBUS Property take control of almost a quarter of one city block.

The deal to seal the sale of 140 and 150 Queen Street, along with 27 McKillop Street, is thought to be in final negotiations.

This comes after the developer bought the corner of McKillop and Bourke streets for a unknown amount.

If the sale goes through, CBUS will control up to 3000 square metres.

Colliers International marketed the properties, which entered the market last year - the result of a years long legal feud between Singapore’s Chip Eng Seng and George Chow, causing development on both buildings to come to a halt.

CBUS has also put a caveat on an 11-story office block at 423 Bourke Street. Together, the four sites would be worth up to $200 million, generating up to $1.2 billion in commercial real estate.

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